At Last, relief for Zambia!

Reuters reports:
"The World Bank said on Thursday it had approved a $3.8 billion debt relief package for Zambia, lightening a huge burden on one of the world's most impoverished countries.
The government in Lusaka said the move would enable it to shift funds currently earmarked for debt servicing to the battle against poverty.

On Friday, the International Monetary Fund is due to consider the move under the Highly-Indebted Poor Countries initiative (HIPC) which it runs jointly with the World Bank, but is unlikely to disagree with its sister institution.

'We would like to congratulate the Zambian government on the announcement (by the board) that the World Bank has approved Zambia's HIPC completion point,' World Bank country manager Ohene Nyanin told a meeting of donors and Zambian Treasury officials.

HIPC is a programme aimed at reducing crippling debt loads shouldered by developing nations."